As the 2014 calendar year kicked off recently, it is important to remember that you should review your will, establish one and/or have other estate documents reviewed.
CBS News reported recently that a number of federal tax limits have changed in 2014, as the amount for the unified estate and gift tax exclusions will increase from $5.25 million to $5.34 million, a $90,000 difference.
If you revise your will now or establish one, you can take advantage of this benefit, which will allow you to make more gifts in your life or upon your death without having to pay any federal estate taxes on an amount under that limit.
It should be noted that in New York, the current estate tax exemption is $1 million. For people in New Jersey, the tax exemption for estates is $675,000. With this in mind, it is in your interest to discuss your estate planning needs and goals with a lawyer who can determine if your current will and estate documents are best serving you with these new law changes.
Find Me a Bergen County Estate Attorney
The lawyers at Kantrowitz, Goldhamer & Graifman, P.C., can help you determine which estate planning services and documents will best suit your situation.
Our lawyers have almost four decades of experience in estate planning solutions—let our firm arrange your initial consultation. Our estate, probate and trust administration law offices in New York or New Jersey can be reached by email, our online contact form or at (800) 711-5258.
Kantrowitz, Goldhamer & Graifman, P.C. – Bergen County Estate Law Attorneys
Source: http://www.cbsnews.com/news/higher-limits-for-estate-tax-credits-in-2014/